124 Heirloom Dr · Ormond Beach, FL 32174

$334,345

4 bd · 2.0 ba · 1,498 sqft · Land · 62 Days on market

Built 2025 5,489 sqft lot $55/mo HOA · 2% of rent

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +9.2/30.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Under Construction. The Freeport floorplan in Groveside at Ormond Station offers 4 bedrooms, 2 bathrooms, 1,498 sq ft. Features include a kitchen with a center island, quartz countertops, stainless steel appliances, pantry, and a primary bedroom with a walk-in closet. The home includes smart home technology and concrete block construction. Contact for more information. * Photos are of similar model but not that of exact house. Pictures, photographs, colors, features, and sizes are for illustration purposes only and will vary from the homes as built. Home and community information including pricing, included features, terms, availability and amenities are subject to change and prior sale at

Key facts

• Quartz countertops
• Walk-in closet
• 5,489 sq ft lot

Tags

• KITCHEN WITH A CENTER ISLAND
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• WALK-IN CLOSET
• SMART HOME TECHNOLOGY
• CONCRETE BLOCK CONSTRUCTION

Property features AI

Finance

• Other: CDD applicable; Lease restrictions apply
• Financial info: Other annual assessment: $2,158; Home warranty provided
• HOA & community: HOA managed by Access Residential Management; Monthly HOA fee $55; Community has deed restrictions and street lights; Pets allowed (cats and dogs)

Exterior

• Parking: Attached 2-car garage (20x20)
• Utilities: Public water; Public sewer; Cable available; Electricity available; Underground utilities; Water available
• Home design: Single family residence; New construction (projected completion May 21, 2026); Under construction condition; One story; Northeast facing
• Construction: Block and stucco construction; Shingle roof; Slab foundation; Built by D.R. Horton (Builder model: Freeport II)
• Exterior features: Sidewalk; Sliding doors; Sprinkler system (metered)

Interior

• Kitchen: Dishwasher; Disposal; Range
• Bedrooms: 4 bedrooms
• Flooring: Carpet; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning
• Interior features: Eat-in kitchen; Kitchen/family room combo; Living room/dining room combo; Open floorplan; Solid surface counters; Stone counters; Split bedroom layout; Thermostat; Walk-in closet(s)
• Laundry & utility: Dedicated laundry room

🏗️ New construction. Builder plan / spec listing (the home may be to-be-built); metrics use comparable previous sales.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $334k.

Deal economics

• At list price, monthly cash flow is $-250 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $290k (13.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (29.8% below list).
• Recommended offer: $235k (29.8% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 3.9% in Ormond Beach — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 83/100 on livability (#55 in FL, #965 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, housing A+, health & safety A+; Watch: commute F.
• Flagler (rural): math 53% / reading 56% proficiency, ranked #20 of 73 in FL (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.6%/yr); 985 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2,588 units permitted in Flagler County in 2024 (0 in 5+ unit buildings).
• This rent runs 40% of the median local income ($71k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Flagler County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($314k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $234,777 (29.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.70% ✗
• Cap rate: 5.39%
• Cash-on-cash: -3.21%
• DSCR: 0.86
• GRM: 11.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.64% rent growth · sell at horizon

5-year hold

• IRR: -23.1%
• Equity multiple: 0.22×
• Total profit: $-73,378
• Equity at exit: $49,852

10-year hold

• IRR: -21.3%
• Equity multiple: -0.04×
• Total profit: $-97,446
• Equity at exit: $28,908

Cash invested: $93,617 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32174

• Rents YoY: 1.6%
• Active inventory: 985
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $2,348 medium
• Mortgage (P&I): −$1,753
• Tax from tax record: −$157 /mo · $1,888/yr
• Insurance: −$139
• HOA: −$55
• Vacancy / Maint / Mgmt: −$493
• Net cashflow: $-250

Break-even live

Break-even rent $2,665

Max offer price $290,136

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $83,586
• Closing costs: $10,030
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 Pergola Pl Unit 1546506P Ormond Beach, FL	3.0	2.0	1593	$2,029	$1.27	14d	1	1.05mi

HOA detail

• Monthly dues: $55 · $660/yr

Listing history 8 events

1. 2026-05-05
   status Pending
2. 2026-04-30
   price $334,345
3. 2026-04-27
   status Active
4. 2026-04-27
   price $339,330
5. 2026-04-14
   status Pending
6. 2026-04-02
   price $334,990
7. 2026-02-19
   listed $336,990 Active
8. 2025-01-24
   soldstatus $4,171,200

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast FL · Resets to sale price

• Current annual tax: $1,888 · $157/mo
• Projected year-2 tax: $2,775 · $231/mo
• Expected delta: +$887/yr (+$74/mo · 47.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $28,173
• − Mortgage interest: −$18,729
• − Property taxes: −$1,888
• − Insurance: −$1,672
• − Repairs & maintenance: −$2,254
• − Management: −$2,254
• − HOA: −$660
• − Depreciation: −$9,726
• Taxable loss: −$9,009
• Est. tax savings @ 24.0%: +$2,162
• After-tax cash flow: $-841/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Flagler
• NCES district ID: 1200540
• Math proficiency: 53% ▼ -9.00%
• Reading proficiency: 56% ▼ -4.00%
• Median HH income: $48,354
• Composite: 46.35/100
• National rank: #2464
• State rank: #20 of 73 in FL

Livability — Ormond Beach

• Score: 83/100
• State rank: #55
• US rank: #965

Category grades

Amenities A+ Commute F Cost of living A Crime B+ Employment B- Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Volusia County · 556,871 people
• City population: 69,624
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• Population (ZIP): 54,783
• Household income: $71,011
• Rent vs Own: 17.6% rent · 82.4% own
• Severe rent burden: 1158.0

Population outlook (Flagler County) Hauer SSP2

• Today (2025): 123,474 people
• By 2030: 131,864 · +6.8%
• By 2040: 146,176 · +18.4%
• By 2050: 157,398 · +27.5%
• By 2075: 177,990 · +44.2%
• By 2100: 183,381 · +48.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 6% Hispanic / Latino 5% Two or more races 5% Asian 3%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Romanian 4% Lithuanian 3% Slovak 3%
• Foreign-born: 7% · Canada, China
• Languages at home: 91% English-only · Spanish 3% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Flagler

• 2024 margin: Strong R (+28.2) · D 35.6% · R 63.8%
• 2008→2024 swing: -29.8pp toward R · 2008: 1.6pp · 2024: -28.2pp
• All cycles: 2024: R+28.2 2020: R+20.8 2016: R+20.6 2012: R+7.4 2008: D+1.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -327.97%
• Current HPI: 271.92
• Rent YoY: ▲ 1.64%
• Metro: Deltona-Daytona Beach-Ormond Beach, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-92.0% since first listed

8 events — show timeline

• 2026-05-05 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-30 Price Changed $334,345 Stellar MLS as Distributed by MLS Grid
• 2026-04-27 Relisted — Stellar MLS as Distributed by MLS Grid
• 2026-04-27 Price Changed $339,330 Stellar MLS as Distributed by MLS Grid
• 2026-04-14 Pending — Stellar MLS as Distributed by MLS Grid
• 2026-04-02 Price Changed $334,990 Stellar MLS as Distributed by MLS Grid
• 2026-02-19 Listed $336,990 Stellar MLS as Distributed by MLS Grid
• 2025-01-24 Sold (Public Records) $4,171,200 Public Records

Property tax history

+76.9%/yr

Latest (2025): $1,888 · +76.9% YoY. Source: county tax records.